Wet Seal Shareholders OK Investment Deal
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Wet Seal Inc. said shareholders approved a $56-million investment deal that was expected to help the teen retailer stave off bankruptcy.
Shareholder ownership of the Foothill Ranch company would be reduced to 32.9% from 76.4% if all notes are converted, warrants are fully exercised and 10 million shares of Class A common stock are issued under the new stock incentive plan.
Wet Seal’s shares rose 6 cents to $2.02 on Nasdaq.
Leslie Earnest
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